Technology is an integral part of our banking system to offer essential services. It may collapse within a few minutes if we ever experience an internet breakdown. Still, many people are sceptical about the use of internet banking as they prefer the traditional methods.
However, internet banking already has almost every service for users. You will find the loan of your choice within a few clicks on the internet from trusted loan agencies in Ireland. We still need to check the pros and cons of the current internet banking set-up before leaving the traditional practices for a change.
Benefits of Internet banking
Existing users of internet banking are well aware of the comfort and security reasons of the platform. At the same time, the other audience requires knowledge to make the best use of the available services. Following are the significant benefits of internet banking in the present environment.
1. Automatic Bill Payment
Automatic bill payment is among the most useful feature of internet banking. As the name suggests, people can allow the service provider to deduce the bill amount from their account every month. You don’t have to manually pay for the bills to add another task to your schedule.
The major benefit of automatic payment is the minimal chances of missing the payments. You don’t have to pay extra money because of forgetting the due date of a bill. Moreover, users can automate transfer to their savings account to avoid the failure to achieve the financial goals.
2. Instant Transfer
The money transfer process through online platforms is instant and straightforward. You need to enter the details of the receiver along with your credentials to initiate the transaction. It is extremely useful for businesses relying on the instant transfer of funds to sellers or from their customers.
The manual process to transfer money is a drag with unnecessary time consumption. You need to visit the bank and wait in the queue. Banks will take significant time to process and approve cheques to transfer money from one account to another.
3. Simple Loan Process
The loan process is easier than ever with the online application and approval. You need to fill the online application form with the details to get a loan. Even the document verification process is online to cut the need to visit the bank completely.
The process is indeed convenient if you are trying to shop for the best offer from multiple lenders. Private lenders are offering better services than the established banks with same-day fund disbursement. You should check their offers before taking out bad credit loans with instant decisions in Ireland.
4. Easy Access to Details
You can access your account statement at any time of the day with internet banking. It is extremely helpful to confirm the payments in case of a dispute. Moreover, you can access them from your smartphone to remove the location constraint.
The instant and remote access to account statements are also helpful for strategic purposes. You can use them to plan for the different processes in your business, considering the previous records. Also, the entire history from the day of opening the account is available to you.
5. Mobile Banking
Internet banking is not limited to the website of your bank to access from a computer. You can instal their application from the app store of your smartphone to access the popular services. These include money transfer, account statement, and bill payment, to mention a few.
Mobile banking has made the life of account holders extremely comfortable. You can use the banking facilities at any time of the day from any location. Moreover, the security layers ensure the other people cannot access your account without the credentials.
6. Payment Solution for eCommerce
eCommerce business owners need internet banking to allow customers to complete the transaction online. You will find multiple payment options available on the website of an online seller. These include payment through internet banking, debit/credit cards, and cash on delivery.
The site owners require Point of Sale and payment gateways to facilitate the payment. They need to contact the banks to start accepting online payments by applying for the required services. These services will differ based on the requirements and type of transactions to create a safe environment for online payments.
7. More Control
You have more control over your funds and transactions with internet banking. It will not take days to transfer or receive money, unlike the traditional methods. Moreover, you have instant access to the account information to make financial decisions.
Thus, daily transactions are easier to navigate with the help of internet banking. You will not get push notifications for every event, such as money deduction or low account balance.
Drawbacks of Internet Banking
The above benefits may seem enough to trust the internet for your banking requirements. However, you should always check the other side of the story before making a decision. Following are the few drawbacks of internet banking that makes the traditional methods still relevant.
Internet banking cannot replace the personalised touch of traditional banking methods. The interaction with a human is more effective compared to online bots. You will prefer the help of the bank’s representative to clear the doubts about service instead of reading the articles online.
Thus, the personalised service makes the bank a requirement for a huge population. Furthermore, you can negotiate the loan offer with the lender’s representative. People build a strong relationship with the bank employees after dealing with them for years.
2. Easy Processes
Many people are not familiar with the use of technology to avail of different services. They still are learning to use ATM cards to take money from the machine. At the same time, some of the financial institutions overcomplicate the process for security reasons.
On the other hand, you can complete the different processes easier by visiting the bank’s branch. They will require you to fill a form for the process and submit it along with the cash or other documents. Employees and other customers are there to help you if the process create any doubt in your mind.
3. ATM Access
The advance and fast processes of online banking can help with the transfer but not with the cash. You cannot dispense cash from your smartphone or laptop to complete the transaction where internet transfer is not accepted. Thus, the ATMs will remain your only option to get access to cash in an emergency.
You can visit the bank if you want a heavy amount outside the limit of an ATM. These machines are easily accessible and available in almost every part of the world. Therefore, you will not face any problem if you are stuck in a different country with an outdated payment infrastructure.
4. Controlled Spending
Internet banking gives access to fund anytime with easy payment methods. It leads to impulse buying for people with little control over their spending habits. Thus, creating financial problems by living a paycheque-to-paycheque lifestyle.
The traditional methods require people to go through a lengthy process to complete the transaction. You should also avoid the use of credit cards and debit cards to keep the budget in control. Cash is still the ideal me
5. Faster Resolution
The online process of dispute resolution can take a significant time. You need to understand the problem yourself to explain it to a machine, which leads to problems for people with little to no knowledge about the underlying technology.
Moreover, there are more constraints when we communicate with a representative through chats. It gets easier for us to explain the situation and understand the solution with face-to-face interaction. Thus, the traditional methods will save time and effort while trying to get a resolution for your problems.
6. Comfort for Senior Citizens
Senior citizens are not familiar with the latest technology that makes it difficult for them to use online services. Financial transactions contain sensitive information such as account details, personal information, and OTPs. They may share them unknowingly with a fraudster only to lose a substantial amount.
They should stick to the traditional methods to transfer or deposit money to their bank accounts. Many financial institutions provide special offers to senior citizens. A representative will visit you at home to help. Therefore, the limited mobility in old age will not create problems to manage your accounts.
7. Secure Transactions
You don’t get surveillance or security guards while using internet banking. Anyone with access to your device and login credentials can make transactions from your account. Moreover, face-to-face interaction reduces the chances of fraud because of the physical transfer of money after receiving the product.
To sum up, internet banking can take care of most of the services a bank has to offer through their traditional methods. The added comfort and flexibility are a major reason to switch as the world is already adopting the new technology. However, some aspects of banking make the complete dependence on internet banking a bad idea.
In this article, you will find the benefits and drawbacks of internet banking to decide whether it is ready to replace the traditional methods or not.